About Nedbank Group
NEDBANK GROUP AND TRANSFORMATION
Nedbank continues to approach transformation from a foundation of trust in which every staffmember is given the time and opportunity to be heard on the issue. By its very nature, transformation can give rise to fear and uncertainty, and the group’s approach is therefore built on a process of addressing fears, meeting expectations and exceeding the requirements of legislation and regulation as set out in the codes and underlying legislation. Although the codes are accepted as establishing the overall guideline to transformation, they do not supersede any of the underlying legislation. Nedbank Group’s approach is to meet the requirements of both, with preference given to the latter. In all our transformation efforts balance remains key. The business case for transformation is driven at three levels:
- By our stakeholders
- By our clients
- By our staff
Nedbank Group recognises that it must invest time, money and effort in the short to medium term in order to reap the rewards of transformation in the long term. Transformation is viewed as a strategic imperative and a business opportunity, rather than a matter of legislative compliance. This is why the group established the following 10 fundamental transformation truths, which are believed to be the pillars for the successful transformation of the organisation.
Nedbank Group’s Ten Transformation Truths
| 1 | We are transforming because it is the right thing to do, and not because we are told to do so. Transformation is a business imperative at Nedbank. |
| 2 | Transformation affects every area of our business and every person we interact with, from staffmembers and stakeholders to clients, business partners, suppliers, shareholders, communities and the environment. |
| 3 | Transformation is needed in South African society and business, and it is the responsibility of every person to make it happen. |
| 4 | Transformation requires an environment of trust and transparency and the opportunity for all people to be heard. |
| 5 | Transformation in Nedbank will be unifying, fair and transparent. |
| 6 | Although transformation will cost Nedbank in terms of time, effort and money, it is seen as a short-term cost with long-term benefits. |
| 7 | Transformation targets will be embedded in our strategies and business plans and negotiated through ongoing consultation. |
| 8 | Transformation in Nedbank will see the proactive growth and development of the internal skills and talent pool. |
| 9 | Transformation must, and will, focus strongly on the support and empowerment of black people, with special emphasis on Africans, women and people with disabilities in all areas and levels in the organisation. |
| 10 | Transformation is non-negotiable. No regression on achievements will be allowed and there will also be no cross-subsidisation in the long term, with ongoing consequence management in the event of non-delivery by any areas in the business. |
Transformation highlights of 2008
- Nedbank Group’s overall performance against the FSC targets has been exceptional, resulting in the group attaining an A-rating under the charter.
- The group has exceeded the 2008 targets in all categories of employment equity, except black senior management where we are at 88,7% of target.
- Nedbank is exceeding its black small- and medium-enterprise and agriculture financing targets.
- During August 2008 Nedbank reached 1 000 000 Mzansi clients.
- The bank’s skills development figures have steadily improved over the years, while major strides have been made in preferential procurement. Targets set for 2008 were surpassed early with an achievement of 53% in 2007 against a target of 50%.
- Targets in consumer education are currently seriously lagging. However, some corrective actions are underway to improve performance, albeit that it is difficult to reach the targets due to the requirement that 70% of the spending is to be on classroom style efforts.
- Nedbank is doing extremely well on investment and empowerment financing despite having to deliver on the highest target of all organisations in the financial sector. The group has exceeded its cumulative investment targets by 187, 5%. BEE transaction financing remains one of its strong points, exceeding the cumulative target for 2008 due to an achievement of 438%.
- Attained level 3 rating under the dti Code.
As a company that continually strives to be economically viable, socially responsible and environmentally sound, Nedbank Group continues to protect and grow its reputation as the country’s truly green bank. We remain commited to ensuring that our business remains financially sound and live out our commitment to Make Things Happen by serving as a driver of sustainable development within our business and on a far broader scale.
For further details in this regard including the Nedbank FSC Scorecard, please refer to the Nedbank Black Economic Empowerment Report and Annual Report at www.nedbankgroup.co.za
